The digital oilfield market is estimated to witness a CAGR of 4.76% to reach US$19.258 billion in 2024 from US$14.573 billion in 2018. High adoption of automation in the oil and gas industry is the major driver of digital oilfield market. Strict workers safety regulations and rising cases of accidents in the past few years are also bolstering the adoption of digital oilfield solutions and services across the sector. Further, Rising E&P activities in regions with unfavorable climatic conditions will continue to propel the growth of the digital oilfield market during the forecast period.
The digital oilfield market has been segmented on the basis of process, application, solution, and geography. In the process segment, product optimization will hold a significant market share owing to the increasing focus on increasing productivity and efficiency. Further, in the solution segment, Hardware will grow at a substantial rate on account of the rising investment by companies towards technological advancements.
Geographically, the digital oilfield market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America holds a significant share in global digital oilfield market owing to the rapid rise in E&P activities in countries like the U.S. and Mexico along with the early adoption of advanced technologies and presence of major market players in the region.
DRIVERS
Rising technological advancement.
Penetration of industrial automation in oil and gas.
RESTRAINTS
Mounting privacy concerns.
The major players profiled in the digital oilfield market include Rockwell Automation, Inc., Weatherford, Schlumberger Limited, Emerson, Halliburton, Honeywell International, General Electric, Kongsberg Gruppen, Redline Communications, and IBM.
| Report Metric | Details |
| Market size value in 2018 | US$14.573 billion |
| Market size value in 2024 | US$19.258 billion |
| Growth Rate | CAGR of 4.76% from 2018 to 2024 |
| Base year | 2018 |
| Forecast period | 2019–2024 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Process, Application, Solution, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Rockwell Automation, Inc., Weatherford, Schlumberger Limited, Emerson, Halliburton, Honeywell International, General Electric, Kongsberg Gruppen, Redline Communications, IBM |
| Customization scope | Free report customization with purchase |
Segmentation
The digital oilfield market has been analyzed through the following segments:
By Process
Drilling Optimization
Product Optimization
Reservoir Optimization
Others
By Application
Onshore
Offshore
By Solution
Hardware
Software
Services
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Others
Frequently Asked Questions (FAQs)
Q1. What will be the digital oilfield market size by 2024?
A1. The digital oilfield market is estimated to reach a market size of US$19.258 billion in 2024.
Q2. What is the size of global digital oilfield market?
A2. The digital oilfield market was valued at US$14.573 billion in 2018.
Q3. What are the growth prospects for digital oilfield market?
A3. Digital Oilfield market is estimated to witness a CAGR of 4.76% over the forecast period.
Q4. Which region holds the largest market share in the digital oilfield market?
A4. North America holds a significant share in global digital oilfield market owing to the rapid rise in E&P activities in countries like the U.S. and Mexico along with the early adoption of advanced technologies and the presence of major market players in the region.
Q5. What factors are anticipated to drive the digital oilfield market growth?
A5. High adoption of automation in the oil and gas industry is the major driver of digital oilfield market.
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Currency
1.5. Assumptions
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. DIGITAL OILFIELD MARKET BY PROCESS
5.1. Drilling Optimization
5.2. Product Optimization
5.3. Reservoir Optimization
5.4. Others
6. DIGITAL OILFIELD MARKET BY APPLICATION
6.1. On Shore
6.2. Off Shore
7. DIGITAL OILFIELD MARKET BY SOLUTION
7.1. Hardware
7.2. Software
7.3. Services
8. DIGITAL OILFIELD MARKET BY GEOGRAPHY
8.1. North America
8.1.1. USA
8.1.2. Canada
8.1.3. Mexico
8.2. South America
8.2.1. Brazil
8.2.2. Argentina
8.2.3. Others
8.3. Europe
8.3.1. Germany
8.3.2. France
8.3.3. United Kingdom
8.3.4. Spain
8.3.5. Others
8.4. Middle East and Africa
8.4.1. Saudi Arabia
8.4.2. Israel
8.4.3. Others
8.5. Asia Pacific
8.5.1. China
8.5.2. Japan
8.5.3. South Korea
8.5.4. India
8.5.5. Others
9. COMPETITIVE INTELLIGENCE
9.1. Competitive Benchmarking and Analysis
9.2. Recent Investments and Deals
9.3. Strategies of Key Players
10. COMPANY PROFILES
10.1. Rockwell Automation, Inc.
10.2. Weatherford
10.3. Schlumberger Limited
10.4. Emerson
10.5. Halliburton
10.6. Honeywell International
10.7. General Electric
10.8. Kongsberg Gruppen
10.9. Redline Communications
10.10. IBM
LIST OF FIGURES
LIST OF TABLES
Rockwell Automation, Inc.
Weatherford
Schlumberger Limited
Emerson
Halliburton
Honeywell International
General Electric
Kongsberg Gruppen
Redline Communications
IBM
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